BankNifty - False breakdown below 18200?

Dec 1, 2016

For BankNifty, 38% retracement till 17800-900 ( of the entire upmove from 13400 to 20575) is pending in this leg of correction, currently hanging in between. 200 SMA is also around 17800. So 17800-17900 is likely to be touched, breaking below recent swing low of 18150-200, trap all the bears & move up sharply from there. :-)

Dec 2, 2016

Trade active

Banknifty broke the previous low 18187. Last price 18165..Closing below 18200 today will confirm the hypothesis. 17800-900 vl come fast.. higher odds vl fall hard today if not today then next week. Stop Loss 18350.

Dec 2, 2016

Trade active

Despite high volatility nothing has changed for BankNifty technically. Made a gravestone Doji (Bearish) on weekly chart. Difficult to hold 18200 next week. Let's see.